Bitcoin - BULL PENNANT... Broke to the downside
Keep it plain, simple and minimize the noise!
Here we see a bull pennant on the Bitcoin daily, on the inverted scale.
Inverting the chart is great to really bring things into perspective sometimes and see what your missing.
This pattern is a bullish pattern, however every single pattern has the probability of going both ways.
Since breaking this pennant to the downside and getting what seems to be a bearish retest confirmation, this could give enough of a push to break and start trading between the 49k-50k zone.
At the moment - the market is sideways, choppy and RISKY.
I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade.
Comment your ideas down below :)
Here we see a bull pennant on the Bitcoin daily, on the inverted scale.
Inverting the chart is great to really bring things into perspective sometimes and see what your missing.
This pattern is a bullish pattern, however every single pattern has the probability of going both ways.
Since breaking this pennant to the downside and getting what seems to be a bearish retest confirmation, this could give enough of a push to break and start trading between the 49k-50k zone.
At the moment - the market is sideways, choppy and RISKY.
I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade.
Comment your ideas down below :)
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